Finland's contribution to the IMO GreenVoyage2050 project

Description What is done in the programme or project and why, what results are pursued, who benefits from the activities and who are involved in the implementation.

Finland is committed to the goals set in the Paris Climate Agreement. The project is about Finland's contribution 2024-2026 as a stand-alone component of the joint IMO-Norway project called "The GreenVoyage2050", which was launched already in 2019. Finland will finance the project in total with 150 000 euros for three years. The share for the Ministry for Foreign Affairs is 90 000 euros, for Ministry of Transport and Communications 30 000 euros and for the Finnish Transport and Communication Agency Traficom 30 000 euros. The IMO-Norway GreenVoyage2050 is supporting shipping’s transition towards a low carbon future. This global project is supporting the reduction of Greenhouse Gas (GHG) emissions from shipping, in line with the levels of ambition set out in the Initial IMO GHG Strategy, which, in turn, are reflecting the temperature goals of the Paris Agreement. The goal of the project is to strengthen Finland's role in the IMO when Finland applies to become a member of the IMO Council for the years 2024-2025. The goal of supporting LDC and SIDS countries in their implementation of the new IMO regulation at the national level is one of the priorities of Finland's campaign. Finland's support for the IMO and SIDS countries strengthens and expands cooperation opportunities with these two country groups, which are central to the effectiveness and results of Finland's development policy. With Finland's assistance, the IMO will be able to finance a study on what is required of the infrastructure and its construction, so that alternative fuels could be used in shipping. The support provided by the project expands the possibilities of the administrations and ports of the SIDS and LCDs countries in the Caribbean region to develop National Action Plans and implement legislative projects to speed up the maritime energy transition. Support also catalyzes joint projects of private and public entities (public-private partnership), promotes innovation, enables technology transition and the initiation of pilot projects. With Finland's support, two round table discussions can also be organized for stakeholders, incl. for potential investors.